Consumer stocks advanced late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.6%.
In corporate news, Uber (UBER) is evaluating options for a complete buyout of Delivery Hero, Bloomberg reported. Uber shares were down 2.3%.
Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.5%.The Philadelphia Semiconductor index added 2.4%.In corporate news, Advanced Micro Devices (AMD) is working with Taiwan partners to boost production capacity as higher-than-expected demand limits the global central processing unit market, Reuters reported, citing AMD Chief Executive Lisa Su. AMD shares climbed 4.7%.
Healthcare stocks rose late Friday afternoon, with the NYSE Healthcare Index advancing 1.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.3%.The iShares Biotechnology ETF (IBB) was fractionally higher.In corporate news, Gilead Sciences (GILD) shares gained 2.9%. The company has received approval from the US Food and Drug Administration for Hepcludex to treat chronic hepatitis delta virus infection in adults without advanced liver scarring, or with compensated cirrhosis, the FDA said Friday.
West Texas Intermediate (WTI) crude oil closed with a small gain Friday on fading hopes for a quick peace deal between the United States and Iran.WTI crude oil for July delivery closed up US$0.25 to settle at US$96.60 per barrel, while July Brent oil was last seen up up US$0.75 to US$103.33.The rise comes as prospects for a speedy end to the war on Iran fade, though the two sides continue indirect negotiations after the U.S. this week offered Iran a new peace plan. However, a key U.S. demand calling for Iran to surrender its nuclear stockpiles has been rejected by Supreme Leader Mojtaba Khamenei and the Strait of Hormuz, remains blocked, keeping much of the 20% of daily oil demand produced by Persian Gulf nations off the market."Hopes for a diplomatic resolution to the Iran conflict supported markets, with Tehran saying the latest proposal from Washington had helped narrow differences between the two sides. However, major hurdles remain, with the US demanding that Iran hand over its enriched uranium stockpile and commit to ending uranium enrichment, terms Iranian leaders have publicly resisted," Saxo Bank wrote.The supply shock that followed the end of the war has raised oil prices by more than half on an undersupplied market. But demand is set to climb with the start of the U.S. summer driving season which begins with this weekend's Memorial Day holiday.The Guardian reported Fatih Birol, executive director of the International Energy Agency, on Thursday warned the start of the travel season could push oil prices into a "red zone" as inventories continue to deplete, while demand is set to rise amid the travel season. He also said production from the Persian Gulf is likely to take a year to recover from the damage caused by the war.